CUNA advocacy staff and a number of member credit unions met with the Consumer Financial Protection Bureau (CFPB) Monday to discuss debt collection. During the meeting, the group discussed the CFPB’s outline of proposals under consideration for third-party debt collectors, as well as other bureau debt collection activities.
The CFPB released proposals it is considering on third-party debt collection in July, and could issue a proposed rule sometime in the next few months. CUNA expects the bureau will hold a separate Small Business Regulatory Enforcement Act panel for first-party creditors and collectors, and will continue to engage with the CFPB to represent the interest of credit unions.
During Monday’s meeting, participants outlined some of the concerns credit unions have with the proposal. Specifically, CUNA and the credit unions urged the CFPB not to restrict important communications between credit unions and members than can help members favorably resolve outstanding debt.
The group also urged the CFPB to:
For additional details on the meeting, see CUNA’s Removing Barriers Blog.